Trump torched the month-old Iran ceasefire overnight, imposing a 20% toll on Strait of Hormuz shipping and resuming bombing. Oil surged past US$85 a barrel, economists warn of a fourth RBA rate rise within weeks, and Canberra froze Chinese-linked investors out of a strategic WA rare earth project. The world just got more expensive for Australia — fast.

The Full Picture

Trump's Hormuz Toll Bombs the Ceasefire

• What happened: Donald Trump reintroduced a blockade of...